At the IKTVA Forum in Al-Khobar, Saudi Arabia, Saudi Aramco signed a joint venture agreement with Baker Hughes to establish a 50/50 Non-Metallic Joint Venture (NM JV).
The joint venture will be a multi-sectorial non-metallic investment platform designed to innovate, develop and manufacture composite materials for both oil and gas as well as non-oil and gas applications.
The JV will leverage polymer materials and state-of-the-art manufacturing processes to deliver transformational non-metallic products, starting with Reinforced Thermoplastic Pipes (RTP) and an investment of around $110 million. The JV facility will be located at the King Salman Energy Park (SPARK), and will serve the MENA region.
Saudi Aramco’s participation in the NM JV aims to help promote the use of RTPs which consume less energy and are less carbon intensive compared to conventional steel pipes. The NM JV is in line with Saudi Aramco’s strategy to support R&D, and deploy lower carbon intensity applications and products that are derived from oil.
